Personal Income and Outlays, January 2022

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, FEBRUARY25, 2022

BEA 22-06

Technical: Media:

Karl Rohrer (Personal Income) Kyle Brown (PCE Goods) Jeff Barnett (PCE Services)

Jeannine Aversa

(301) 278-9083 (301) 278-9086 (301) 278-9663

(301) 278-9003

piniwd@ pce@

Jeannine.Aversa@

Personal Income and Outlays, January 2022

Personal income increased $9.0 billion (less than 0.1 percent) in January, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $19.8 billion (0.1 percent) and personal consumption expenditures (PCE) increased $337.2 billion (2.1 percent).

Real DPI decreased 0.5 percent in January and Real PCE increased 1.5 percent; goods increased 4.3 percent and services increased 0.1 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

Personal income: Current dollars

Disposable personal income:

Current dollars Chained (2012)dollars Personal consumptionexpenditures (PCE): Current dollars

Chained (2012)dollars Price indexes:

PCE PCE, excluding food and energy

2021

2022

Sept.

Oct. Nov. Dec.

Jan.

Percent change from preceding month

-0.9

0.6

0.6

0.4

0.0

-1.3

0.5

0.5

0.2

0.1

-1.6

-0.1

-0.1 -0.3

-0.5

0.6

1.4

0.6 -0.8

2.1

0.3

0.8

0.0 -1.3

1.5

0.3

0.6

0.6

0.5

0.6

0.2

0.5

0.5

0.5

0.5

Price indexes: PCE PCE, excluding food and energy

Percent change from month one year ago

4.4

5.1

5.6

5.8

6.1

3.7

4.2

4.7

4.9

5.2

COVID-19 Impact on January 2022 Personal Income and Outlays

The estimate for January personal income and outlays reflected the continued economic recovery and government response to the COVID-19 pandemic. In January, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government social benefits decreased, primarily reflecting the end of advance Child Tax Credit payments authorized to be paid out through December by the American Rescue Plan Act of 2021. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information, see Effects of Selected Federal Pandemic Response Programs on Personal Income.

The increase in personal income in January primarily reflected an increase in compensation that was partly offset by a decrease in government social benefits (table 3). Within compensation, the increase reflected increases in both private and government wages and salaries. Within government social benefits, a decrease in "other" social benefits (reflecting the end of advance Child Tax Credit payments as authorized by the American Rescue Plan) was partly offset by an increase in Social Security benefits (reflecting a 5.9 percent cost-of-living adjustment). The $337.2 billion increase in current-dollar PCE in January reflected an increase of $285.4 billion in spending for goods and a $51.8 billion increase in spending for services (table 3). Within goods, increases were widespread, led by motor vehicles and parts, "other" nondurable goods, and recreational goods and vehicles. Within services, the largest contributor to the increase was spending for housing and utilities. Detailed information on monthly PCE spending can be found on Table 2.3.5U.

Personal outlays increased $342.2 billion in January (table 3). Personal saving was $1.17 trillion in January and the personal saving rate--personal saving as a percentage of disposable personal income-- was 6.4 percent (table 1). The PCE price index for January increased 6.1 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 25.9 percent while food prices increased 6.7 percent. Excluding food and energy, the PCE price index for January increased 5.2 percent from one year ago.

- 2 -

Updates to Personal Income and Outlays

Estimates have been updated for July through December 2021. For July through September, estimates for compensation, personal taxes, and contributions for government social insurance reflect the incorporation of updated third-quarter wage and salary data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are provided below for November and December.

Personal income:

Current dollars Disposable personal income:

Current dollars

Chained (2012)dollars Personal consumption expenditures:

Current dollars

Chained (2012)dollars

Change from preceding month

November

December

Previous Revised Previous Revised Previous Revised Previous Revised

(Billions of dollars)

(Percent)

(Billions of dollars)

(Percent)

107.5 117.3

0.5

0.6

70.7

74.2

0.3

0.4

78.2

84.2

0.4

0.5

39.9

40.0

0.2

0.2

-30.1

-16.7

-0.2

-0.1

-35.2

-47.4

-0.2

-0.3

65.8

91.9

0.4

-31.1

-1.4

-0.2

0.6

-95.2 -130.9

-0.6

-0.8

0.0 -142.2 -183.3

-1.0

-1.3

Next release: March 31, 2022 at 8:30 A.M. EDT Personal Income and Outlays, February 2022

- 3 -

Additional Information

Resources

Additional Resources available at :

? Information on COVID-19 and recovery impacts is available on our website.

? Stay informed about BEA developments by reading The BEA Wire, signing up for BEA's email subscription service, or following BEA on Twitter @BEA_News.

? Historical time series for these estimates can be accessed in BEA's Interactive Data Application.

? Access BEA data by registering for BEA's Data Application Programming Interface (API).

? For more on BEA's statistics, refer to our monthly online journal, the Survey of Current Business.

? BEA's news release schedule ? NIPA Handbook: Concepts and Methods of the

U.S. National Income and Product Accounts

Definitions

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes.

Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the behalf of, "persons" who reside in the United States.

Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Current-dollar estimates are valued in the prices of the period when the transactions occurred--that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates."

Real values are inflation-adjusted estimates--that is, estimates that exclude the effects of price changes.

For more definitions, refer to the Glossary: National Income and Product Accounts.

Statistical conventions

Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For detail, refer to the FAQ "Why does BEA publish estimates at annual rates?"

Month-to-month percent changes are calculated from unrounded data and are not annualized.

Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual rates. For detail, refer to the FAQ "How is average annual growth calculated?" and "Why does BEA publish percent changes in quarterly series at annual rates?"

Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (months for monthly data, quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook.

Chained-dollar values are calculated by multiplying the quantity index by the current-dollar value in the reference year (2012) and then dividing by 100. Percent change s calculated from real quantity indexes and chained -dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chaineddollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate.

- 4 -

List of Personal Income and Outlays News Release Tables

Table 1. Table 2. Table 3. Table 4. Table 5. Table 6. Table 7. Table 8. Table 9. Table 10.

Table 11.

Personal Income and Its Disposition (Months) Personal Income and Its Disposition (Years and Quarters) Personal Income and Its Disposition, Change from Preceding Period (Months) Personal Income and Its Disposition, Change from Preceding Period (Years and Quarters) Personal Income and Its Disposition, Percent Change from Preceding Period (Months) Personal Income and Its Disposition, Percent Change from Preceding Period (Years and Quarters) Real Personal Consumption Expenditures by Major Type of Product (Months) Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) Price Indexes for Personal Consumption Expenditures: Level and Percent Change from Preceding Period (Months) Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change from Month One Year Ago Price Indexes for Personal Consumption Expenditures: Percent Change from Month One Year Ago

- 5 -

Table 1. Personal Income and Its Disposition (Months)

[Billions of dollars]

Seasonally adjusted at annual rates

Line 1 Personal income

June 20,570.5

July r 20,835.3

Aug. r 20,916.3

2021 Sept. r 20,719.8

Oct. r 20,843.1

Nov. r 20,960.5

2 Compensation of employees

12,538.4 12,680.1 12,743.4 12,846.0 12,972.7 13,060.7

3

Wages and salaries

10,291.2 10,418.7 10,475.1 10,567.9 10,682.8 10,761.3

4

Private industries

8,762.5 8,868.8 8,920.4 9,009.9 9,120.1 9,196.3

5

Goods-producing industries

1,631.3 1,653.3 1,664.2 1,676.9 1,687.1 1,702.5

6

Manufacturing

975.2

981.6

980.8

979.4

984.1

994.4

7

Services-producing industries

7,131.2 7,215.5 7,256.1 7,333.0 7,433.0 7,493.8

8

Trade, transportation, and utilities

1,601.2 1,615.6 1,622.8 1,642.2 1,659.1 1,669.0

9

Other services-producing industries

5,530.0 5,599.9 5,633.3 5,690.8 5,773.8 5,824.8

10

Government

1,528.8 1,549.9 1,554.8 1,558.0 1,562.8 1,565.1

11

Supplements to wages and salaries

12

Employer contributions for employee pension and insurance funds 1

2,247.2 1,522.1

2,261.4 1,528.3

2,268.2 1,531.8

2,278.1 1,535.4

2,289.9 1,539.8

2,299.4 1,544.2

13

Employer contributions for government social insurance

725.1

733.1

736.5

742.7

750.1

755.2

14 Proprietors' income with inventory valuation and capital consumption adjustments

1,864.0 1,872.3 1,868.8 1,859.9 1,861.0 1,863.3

15

Farm

130.1

123.0

114.5

94.4

90.9

89.2

16

Nonfarm

1,733.8 1,749.2 1,754.3 1,765.5 1,770.1 1,774.1

17 Rental income of persons with capital consumption adjustment

712.5

719.8

728.9

738.1

742.4

747.7

18 Personal income receipts on assets

2,944.2 2,946.7 2,942.4 2,946.4 2,973.0 2,984.9

19

Personal interest income

1,639.8 1,637.8 1,636.0 1,635.1 1,647.0 1,655.2

20

Personal dividend income

1,304.4 1,308.9 1,306.3 1,311.3 1,325.9 1,329.7

21 Personal current transfer receipts

4,097.8 4,218.9 4,242.4 3,951.2 3,930.8 3,950.9

22

Government social benefits to persons

23

Social security 2

24

Medicare 3

25

Medicaid

4,009.0 1,113.3

817.5 742.9

4,145.3 1,113.6

821.3 763.3

4,177.7 1,119.3

826.2 777.4

3,885.7 1,118.7

832.2 784.4

3,864.7 1,129.7

839.3 782.2

3,884.1 1,126.1

847.5 781.1

26

Unemployment insurance

433.0

367.8

352.3

96.9

45.1

37.3

27

Veterans' benefits

158.0

160.4

162.2

164.4

166.7

169.2

28

Other

744.3

919.0

940.3

889.2

901.7

923.0

29

Other current transfer receipts, from business (net)

88.9

73.6

64.8

65.4

66.1

66.7

30 Less: Contributions for government social insurance, domestic

1,586.5 1,602.5 1,609.6 1,621.8 1,636.8 1,647.1

31 Less: Personal current taxes

2,568.7 2,609.5 2,638.7 2,675.1 2,711.0 2,744.1

32 Equals: Disposable personal income

18,001.7 18,225.8 18,277.6 18,044.7 18,132.2 18,216.4

33 Less: Personal outlays

16,288.6 16,305.3 16,482.4 16,581.0 16,808.9 16,897.4

34 Personal consumption expenditures

15,802.0 15,814.9 15,991.1 16,088.9 16,317.8 16,409.7

35

Goods

5,538.1 5,425.4 5,521.6 5,553.4 5,700.5 5,727.1

36

Durable goods

2,060.5 1,979.8 1,997.1 2,008.5 2,098.7 2,096.2

37

Nondurable goods

3,477.6 3,445.6 3,524.5 3,544.8 3,601.8 3,631.0

38

Services

39 Personal interest payments 4

40 Personal current transfer payments

10,263.9 270.4 216.2

10,389.5 271.0 219.4

10,469.4 271.7 219.6

10,535.5 272.3 219.8

10,617.3 268.8 222.3

10,682.6 265.2 222.6

41

To government

116.3

116.5

116.8

117.0

117.2

117.5

42

To the rest of the world (net)

99.9

102.8

102.8

102.8

105.1

105.1

43 Equals: Personal saving

1,713.2 1,920.5 1,795.2 1,463.7 1,323.3 1,319.0

44 Personal saving as a percentage of disposable personal income

9.5

10.5

9.8

8.1

7.3

7.2

Addenda:

45 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5

14,277.9 14,345.8 14,340.7 14,372.5 14,405.1 14,405.4

Disposable personal income:

46

Total, billions of chained (2012) dollars 5

Per capita:

15,603.3 15,735.2 15,720.0 15,466.3 15,444.1 15,427.5

47

Current dollars

54,207 54,865 55,004 54,286 54,531 54,770

48

Chained (2012) dollars

46,985 47,368

49 Population (midperiod, thousands) 6

332,092 332,192

p Preliminary

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2021.

47,307 332,295

46,529 332,403

46,447 332,513

46,385 332,598

February 25, 2022

Dec. r 21,034.6 13,147.1 10,837.5 9,269.2 1,710.9

999.4 7,558.3 1,681.7 5,876.7 1,568.3 2,309.6 1,549.4

760.2

2022 Line Jan. p 21,043.6 1 13,207.9 2 10,887.4 3 9,312.8 4 1,716.1 5 1,002.4 6 7,596.7 7 1,677.8 8 5,918.9 9 1,574.6 10 2,320.6 11 1,554.8 12

765.7 13

1,840.0

84.6 1,755.3

753.0 3,002.3 1,663.1 1,339.3 3,949.5 3,882.1 1,125.1

856.9 781.3 30.4 171.8 916.6 67.4 1,657.2 2,778.2 18,256.4 16,763.2 16,278.8 5,541.1 1,988.9 3,552.2 10,737.8 261.6 222.8 117.7 105.1 1,493.2

8.2

1,847.9 14

96.3 15 1,751.6 16

750.9 17 3,011.9 18 1,668.6 19 1,343.3 20 3,897.7 21 3,830.3 22 1,193.7 23

866.3 24 785.8 25 26.7 26 174.6 27 783.2 28 67.4 29 1,672.6 30 2,767.4 31 18,276.3 32 17,105.4 33 16,616.0 34 5,826.5 35 2,181.2 36 3,645.3 37 10,789.5 38 266.3 39 223.1 40 118.0 41 105.1 42 1,170.9 43

6.4 44

14,393.3 14,362.8 45

15,380.1 15,309.6 46

54,883 46,236 332,640

54,936 47 46,018 48 332,684 49

1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis

- 6 -

February 25, 2022

Table 2. Personal Income and Its Disposition (Years and Quarters)

[Billions of dollars]

Line

2020

2021 r

1 Personal income

19,627.6 21,076.8

2 Compensation of employees

11,572.2 12,580.5

3

Wages and salaries

9,444.1 10,326.8

4

Private industries

7,949.6 8,791.5

5

Goods-producing industries

1,514.0 1,643.2

6

Manufacturing

904.4

973.1

7

Services-producing industries

8

Trade, transportation, and utilities

9

Other services-producing industries

6,435.6 1,443.2 4,992.4

7,148.3 1,601.0 5,547.3

10

Government

1,494.5 1,535.4

11

Supplements to wages and salaries

12

Employer contributions for employee pension and insurance funds 1

13

Employer contributions for government social insurance

14 Proprietors' income with inventory valuation and capital

consumption adjustments

2,128.0 1,464.4

663.7

2,253.7 1,526.4

727.3

1,650.0 1,821.0

15

Farm

70.2

97.8

16

Nonfarm

1,579.9 1,723.1

17 Rental income of persons with capital consumption adjustment

711.6

727.5

18 Personal income receipts on assets

2,912.1 2,940.7

19

Personal interest income

1,614.4 1,640.2

20

Personal dividend income

1,297.8 1,300.5

21 Personal current transfer receipts

4,241.1 4,598.2

22

Government social benefits to persons

23

Social security 2

24

Medicare 3

25

Medicaid

4,181.3 1,077.9

819.2 657.3

4,531.2 1,115.0

826.0 745.7

26

Unemployment insurance

536.6

339.0

27

Veterans' benefits

145.5

160.1

28

Other

944.7 1,345.3

29

Other current transfer receipts, from business (net)

59.9

67.0

30 Less: Contributions for government social insurance, domestic

1,459.5 1,591.1

31 Less: Personal current taxes

2,195.6 2,582.5

32 Equals: Disposable personal income

17,432.0 18,494.2

33 Less: Personal outlays

14,544.5 16,230.0

34 Personal consumption expenditures

14,047.6 15,746.9

35

Goods

4,653.8 5,482.8

36

Durable goods

1,616.4 2,026.6

37

Nondurable goods

3,037.4 3,456.2

38

Services

39 Personal interest payments 4

40 Personal current transfer payments

9,393.7 285.4 211.5

10,264.1 264.9 218.2

41

To government

114.6

116.4

42

To the rest of the world (net)

96.9

101.8

43 Equals: Personal saving

2,887.5 2,264.2

44 Personal saving as a percentage of disposable personal income

16.6

12.2

Addenda:

45 Personal income excluding current transfer receipts, billions of chained (2012) dollars 5

13,833.7 14,262.7

Disposable personal income:

46

Total, billions of chained (2012) dollars 5

Per capita:

15,672.8 16,007.3

47

Current dollars

52,544 55,670

48

Chained (2012) dollars

47,241 48,184

49 Population (midperiod, thousands) 6

331,761 332,213

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2021.

Seasonally adjusted at annual rates

2020

2021

Q3

Q4

Q1

Q2

Q3 r

19,777.4 19,542.0 21,867.3 20,669.9 20,823.8

11,539.7 11,964.2 12,088.9 12,416.6 12,756.5

9,410.3 9,783.0 9,879.2 10,180.4 10,487.2

7,911.5 8,286.6 8,376.5 8,661.3 8,933.0

1,509.0 1,566.8 1,585.9 1,622.0 1,664.8

895.8

936.3

949.3

969.8

980.6

6,402.5 6,719.8 6,790.6 7,039.3 7,268.2

1,448.6 1,507.6 1,525.3 1,582.0 1,626.9

4,953.9 5,212.3 5,265.3 5,457.4 5,641.3

1,498.8 1,496.4 1,502.7 1,519.1 1,554.2

2,129.4 2,181.1 2,209.7 2,236.2 2,269.3

1,464.9 1,498.3 1,510.9 1,518.3 1,531.9

664.5

682.8

698.9

717.9

737.4

1,760.7

69.2 1,691.5

714.5 2,851.7 1,597.6 1,254.2 4,369.4 4,310.5 1,080.2

825.8 690.4 767.8 147.4 799.0 58.9 1,458.7 2,181.8 17,595.7 14,774.3 14,293.8 4,867.2 1,753.3 3,113.9 9,426.6 274.4 206.1 114.3 91.8 2,821.3 16.0

1,730.0

108.5 1,621.5

710.0 2,909.6 1,610.3 1,299.2 3,729.5 3,670.2 1,088.8

821.0 678.3 299.9 149.5 632.7 59.2 1,501.3 2,259.8 17,282.2 14,936.8 14,467.6 4,867.3 1,759.2 3,108.1 9,600.4 255.9 213.2 114.8 98.4 2,345.5 13.6

1,714.0

73.0 1,640.9

716.9 2,898.8 1,630.2 1,268.7 5,982.5 5,920.6 1,106.3

814.1 695.9 565.8 152.4 2,586.0 62.0 1,533.8 2,412.1 19,455.3 15,475.6 15,005.4 5,245.0 1,957.8 3,287.2 9,760.4 255.3 214.8 115.3 99.5 3,979.7 20.5

1,848.2

119.4 1,728.7

716.3 2,932.1 1,639.4 1,292.8 4,329.0 4,257.8 1,109.7

815.3 730.5 480.4 156.5 965.4 71.2 1,572.2 2,532.5 18,137.4 16,165.0 15,681.7 5,529.8 2,092.2 3,437.6 10,151.9 267.4 215.9 116.0 99.9 1,972.4 10.9

1,867.0

110.6 1,756.3

729.0 2,945.2 1,636.3 1,308.8 4,137.5 4,069.6 1,117.2

826.5 775.0 272.3 162.3 916.2 67.9 1,611.3 2,641.1 18,182.7 16,456.2 15,964.9 5,500.1 1,995.2 3,505.0 10,464.8 271.7 219.6 116.8 102.8 1,726.4

9.5

13,820.2 14,129.7 14,061.1 14,240.1 14,352.9

15,782.4 15,443.0 17,221.6 15,805.6 15,640.0

53,024 47,560 331,841

52,058 46,518 331,978

58,609 51,880 331,949

54,627 47,604 332,021

54,718 47,066 332,297

Line Q4 r 20,946.1 1 13,060.2 2 10,760.6 3 9,195.2 4 1,700.2 5

992.6 6 7,495.0 7 1,669.9 8 5,825.1 9 1,565.4 10 2,299.6 11 1,544.5 12

755.1 13

1,854.8 14 88.3 15

1,766.5 16 747.7 17

2,986.7 18 1,655.1 19 1,331.6 20 3,943.7 21 3,877.0 22 1,127.0 23

847.9 24 781.6 25 37.6 26 169.2 27 913.7 28 66.7 29 1,647.0 30 2,744.4 31 18,201.7 32 16,823.2 33 16,335.5 34 5,656.2 35 2,061.3 36 3,595.0 37 10,679.2 38 265.2 39 222.6 40 117.5 41 105.1 42 1,378.5 43

7.6 44

14,401.6 45

15,417.5 46

54,728 47 46,357 48 332,584 49

1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Source: U.S. Bureau of Economic Analysis

- 7 -

February 25, 2022

Table 3. Personal Income and Its Disposition, Change from Preceding Period (Months)

[Billions of dollars]

Seasonally adjusted at annual rates

Line

2021

June July r Aug. r Sept. r Oct. r Nov. r

1 Personal income

55.8 264.8 81.0 -196.5 123.4 117.3

2 Compensation of employees

120.8 141.7 63.3 102.6 126.8 88.0

3

Wages and salaries

109.8 127.4 56.5 92.7 115.0 78.5

4

Private industries

98.1 106.3 51.5 89.5 110.2 76.2

5

Goods-producing industries

7.2 22.0 10.9 12.7 10.2 15.3

6

Manufacturing

1.8

6.3

-0.7

-1.5

4.7 10.3

7

Services-producing industries

90.9 84.3 40.6 76.9 100.0 60.8

8

Trade, transportation, and utilities

17.4 14.4

7.2 19.4 17.0

9.9

9

Other services-producing industries

73.5 69.9 33.5 57.5 83.0 51.0

10

Government

11.7 21.1

4.9

3.2

4.8

2.3

11

Supplements to wages and salaries

11.0 14.3

6.8

9.9 11.8

9.5

12

Employer contributions for employee pension and insurance funds 1

4.0

6.3

3.4

3.7

4.4

4.4

13

Employer contributions for government social insurance

7.0

8.0

3.4

6.2

7.4

5.1

14 Proprietors' income with inventory valuation and capital

consumption adjustments

13.1

8.3

-3.5

-8.9

1.1

2.3

15

Farm

10.7

-7.1

-8.5 -20.2

-3.4

-1.7

16

Nonfarm

2.4 15.4

5.0 11.2

4.6

4.0

17 Rental income of persons with capital consumption adjustment

-3.3

7.3

9.1

9.2

4.3

5.3

18 Personal income receipts on assets

12.7

2.5

-4.3

4.1 26.5 12.0

19

Personal interest income

0.5

-2.0

-1.7

-0.9

11.9

8.2

20

Personal dividend income

12.3

4.5

-2.6

5.0 14.6

3.8

21 Personal current transfer receipts

-73.6 121.0 23.5 -291.2 -20.4 20.1

22

Government social benefits to persons

-99.7 136.3 32.3 -291.9 -21.0 19.4

23

Social security 2

24

Medicare 3

5.3

0.3

5.7

-0.5

11.0

-3.7

2.6

3.7

4.9

6.0

7.1

8.2

25

Medicaid

12.1 20.4 14.1

7.0

-2.1

-1.1

26

Unemployment insurance

-59.0 -65.2 -15.5 -255.3 -51.8

-7.9

27

Veterans' benefits

1.5

2.4

1.9

2.2

2.3

2.6

28

Other

-62.3 174.7 21.3 -51.2 12.5 21.3

29

Other current transfer receipts, from business (net)

26.1 -15.3

-8.8

0.7

0.7

0.7

30 Less: Contributions for government social insurance, domestic

14.0 16.0

7.1 12.3 14.9 10.4

31 Less: Personal current taxes

34.6 40.8 29.1 36.4 35.9 33.1

32 Equals: Disposable personal income

21.2 224.0 51.8 -232.9 87.5 84.2

33 Less: Personal outlays

180.8 16.7 177.1 98.7 227.9 88.5

34 Personal consumption expenditures

177.6 12.9 176.2 97.8 229.0 91.9

35

Goods

62.9 -112.7 96.3 31.7 147.1 26.6

36

Durable goods

-5.2 -80.7 17.3

11.4

90.2

-2.6

37

Nondurable goods

68.0 -32.0 79.0 20.3 57.0 29.2

38

Services

114.7 125.6 79.9 66.0 81.8 65.2

39 Personal interest payments 4

3.0

0.7

0.7

0.7

-3.6

-3.6

40 Personal current transfer payments

0.3

3.2

0.2

0.2

2.5

0.2

41

To government

0.3

0.3

0.2

0.2

0.2

0.2

42

To the rest of the world (net)

0.0

2.9

0.0

0.0

2.3

0.0

43 Equals: Personal saving

-159.6 207.3 -125.2 -331.6 -140.4

-4.3

Addenda:

44 Personal income excluding current transfer receipts,

billions of chained (2012) dollars 5

35.2

67.9

-5.1 31.8

32.6

0.3

45 Disposable personal income, billions of chained (2012) dollars 5

-66.2 131.9 -15.2 -253.7 -22.2 -16.7

p Preliminary

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2021.

Dec. r 74.2 86.3 76.1 73.0 8.4 5.0 64.5 12.7 51.9 3.2 10.2 5.2 5.0

-23.3 -4.6 -18.7 5.2 17.4 7.8 9.6 -1.4 -2.0 -0.9 9.4 0.2 -6.8 2.6 -6.4 0.7 10.1 34.1 40.0 -134.2 -130.9 -186.1 -107.3 -78.8 55.2 -3.6 0.2 0.2 0.0 174.3

-12.1 -47.4

2022 Line Jan. p

9.0 1 60.9 2 49.9 3 43.6 4 5.2 5 3.0 6 38.4 7 -3.9 8 42.2 9 6.3 10 11.0 11 5.4 12 5.6 13

7.9 14 11.7 15 -3.7 16 -2.1 17 9.5 18 5.5 19 4.0 20 -51.9 21 -51.8 22 68.5 23 9.5 24 4.5 25 -3.7 26 2.8 27 -133.4 28 0.0 29 15.4 30 -10.8 31 19.8 32 342.2 33 337.2 34 285.4 35 192.3 36 93.1 37 51.8 38 4.7 39 0.3 40 0.3 41 0.0 42 -322.3 43

-30.5 44 -70.5 45

1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis

- 8 -

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download